SBI Life Smart Scholar Plan – Features, Review & Returns Calculation

SBI Life smart scholar plan is a typical Unit linked plan from SBI life. This is a non-participating ULIP from SBI life. This plan is basically targeting to parents who are aspiring to give their kid a better future by investing money for their future goals. ULIPs are good products for them who are expecting a moderate return and less risk. And this product may help you to create huge corpus for your child’s future education or marriage purpose.

In this article I will be sharing everything about sbi life smart scholar plan, complete review of sbi life smart scholar plan, premium calculation, key benefits, features, surrender clauses, maturity value, death benefit, eligibility criteria and many more at one place.

SBI life smart scholar plan – features & benefits

This plan will suit for parents with kids age between 0 -17 years old. You can choose from 7 various types of funds as per your risk taking capability and then invest accordingly. This is also a limited period premium payment policy that means you don’t have to pay premium till the end of the policy term. Here are the key highlights of major benefits of this policy.

You will get choice from 7 funds decided by experts of SBI life team to make sure you are going to get desired return as per your risk appetite.

The accumulated money at the end of the policy will help the kid to continue for higher studies, marriage or any other financial support.

You will also get dual protection under this policy. In case of unfortunate death, your kid will get sum assured value paid or 105% of total premium paid till date which ever is higher. Not only that your policy will continue till the end with the feature called Inbuilt Premium Pay or Waiver benefit.

There are additional riders available under thi polisy and they are Accidental Death benefit and Accidental Total and Permanent Disability (Accidental TPD) benefit. You have to pay additional premium as per the policy term.

This policy will also provide loyalty addition after completion of certain period of premium payment. But this pay not be allowed for single premium payment option. Read the policy document carefully to know more about this.

Your fund value at the end of policy year will be the maturity value.

You will also get income tax benefit under section 80C & 10 (10D).

Eligibility of sbi life smart scholar plan

Age at Entry *

Child: Min: 0 years

Max: 17 years

Proposer: Min: 18 years

Max: 57 years

Max. Age* at Maturity

65 years

Policy Term

Min: 8 years

Max: 25 years less child’s age at entry

On Maturity, the age of child should be between 18 to 25 years)

Premium Payment Terms (PPT)

Single Premium (SP)

5 to 25 years (subject to the limits of policy term)

Premium Amounts(x100)

Minimum:

PPT

Frequency

Minimum(Rs)

SP

Single

75,000

5 years to 7 years

Yearly

50,000

Half Yearly

25,000

Quarterly

12,500

Monthly

4,500

8 years or more

Yearly

24,000

Half Yearly

16,000

Quarterly

10,000

Monthly

4,000

Maximum :

No Limit

Sum Assured

For Single Premium:

Minimum

Maximum

Across all ages

Age<45 years

Age=>45 years

1.25 * SP

5 * SP

1.25 * SP

For other PPTs:

Minimum

Maximum

Age<45 years

Age=>45 years

Across all ages

Higher of: 10 * AP or ½ * T * AP

7 * AP

20 * AP

How to Buy sbi life smart scholar plan

If you want to buy SBI Life – Smart Scholar policy for your kid’s future then you have to contact SBI life agents or visit nearest SBI life branch office, This is not a online policy so that you can easily buy from home itself. Better you contact the branch and ask for the necessary documents required, application form, KYC form etc to get this policy.

Do you think your child need a life insurance to accumulate money for future expenses like education, marriage, future aspiration etc? Generally this kind of product will promise to provide dual benefits of insurance & return on investment. But when the target of investment is for your kid to accumulate huge money then one can look for other alternatives for high risk & high return. Besides that get an term insurance for yourself with enough life cover.

But SBI Life – Smart Scholar plan may suite the need of people who don’t want to get involve in high risk products and already have enough life insurance and also want to save income tax. If you have purchased this policy then why don’t you share about your experience or how did you buy SBI Life – Smart Scholar plan by writing a simple comment below.